Many studies have found that creativity tends to promote happiness, but the underlying mechanism remains unclear. This study proposed and tested a serial mediation model to investigate the relationships among creativity, problem solving, stress, and happiness on emerging adults and adolescents (N = 1,146). It is hypothesized that creativity is conducive to happiness indirectly through (a) problem-solving ability, (b) stress, and (c) problem-solving ability and then stress (i.e., serial mediating effect). Undergraduate students and secondary school students self-reported their creativity, social problem-solving ability, stress, happiness, and life satisfaction. The mediating role of problem-solving ability and the serial mediating effect were found statistically significant while controlling the effect of life satisfaction. The mediating role of stress, however, was not supported. The findings not only lend further support to the beneficial effect of self-perceived creativity on happiness, but also extend our understanding on the relationship by revealing the underlying process.